Aditya Hadi Pratama · · 1 min readIDX taps Singapore fintech firm to develop carbon exchange system
Indonesia Stock Exchange (IDX) has signed a memorandum of understanding with MetaVerse Green Exchange (MVGX), a Singapore-based fintech firm, to develop a carbon-exchange system in Indonesia.
Photo credit: Ruben Sukatendel
The stock exchange is currently preparing to become a carbon exchange in Indonesia, IDX director of business development Jeffrey Hendrik said in a statement. “We have started discussions with several parties to deepen our knowledge,” he said.
Indonesia is among 61 countries that have committed to cut greenhouse gas emissions by 43% by 2030. Last year, the archipelago cut 10.37 million tons of carbon dioxide from its energy plants – double its initial target.
Founded in 2018, MVGX provides carbon-as-a-service solutions backed by its blockchain-based digital-asset exchange platform. the fintech firm has acquired multiple licenses from the Monetary Authority of Singapore, including a recognized market operator license and a capital market service license that allows it to operate in securities and collective investment schemes and provide custodial services.
In April, the fintech firm partnered with Singapore-based Oversea-Chinese Banking Corporation to develop green-financing solutions, including tokenised carbon credits.
Editing by Samreen Ahmad
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